Summer into fall has been a buying frenzy, with low inventory pushing up prices and giving sellers the market advantage. But are things changing soon? According to realtor.comÂ®’s latest Weekly Housing Report for the week ending Oct. 17, the markets may soon experience a much-overdue seasonal market slowdown.
What’s the current state of the market? Newly listed homes are down 6 percent for the week, according to the report, and total inventory is down 38 percent YoY. On average, homes are selling in 53 daysâ€”13 days faster than last year.
The U.S. median home price is still unseasonably high at $350,000 but a slowdown in price growth could be coming. Listing price growth declined since the first week of October.
“During a time when the housing market usually slows down, we are once again reminded that 2020 is anything but typical. Going into the last half of October, the median U.S. home for sale is still priced near the year’s peak and is selling almost two weeks faster than last year,” said realtor.comÂ® Chief Economist Danielle Hale. “At the same time, the pace of change has steadied and for some indicators, even slowed. This could be a welcome relief for buyers who have navigated not only a pandemic, but also a fiercely competitive 2020 homebuying season characterized by double-digit price growth and record low inventory.”